Peercoin was started as a possible solution to the problems of another currency. Nowadays there are some online traders who use the currency in their transactions but the truth is there aren’t many of these individuals nowadays. If, however, you do your research, you will definitely locate various businesses, which will deliver you profits through your Peercoins such as video games, jewelry, survival gear and others. Additionally, there are some companies who engage in charitable activity that are known to accept money in the form of Peercoins. The Proof of Work system, which provides an impressive level of security but at the same time drains plenty of energy out of the network is only partially used by Peercoin because the online currency’s system is actually a hybrid. When coins are mined, the Proof of Work system is active but whenever the number of the coins is elevated, the Proof of Stake system kicks in and works its magic, which maintains the user’s safety but requires much less computing power.
There is an important difference between the Proof of Stake system used by Peercoin and the usual version of it and that is the ability for transaction confirmation, which is granted to the one user who is in possession of the biggest stockpile of the currency. Naturally this doesn’t mean that being the richest man in the room will allow you to have a dominant advantage when it comes down to verifying trades. Keeping track of how many coins are owned by how many users in fact requires much less energy than the task of continuously solving complex math problems. So that means that Peercoin will need less and less energy to serve its customers in the future. Peercoin’s community has maintained its strength successfully ever since the coin’s creation and the open source code of the cryptocurrency has undergone various stages of evolution. If there are any worries regarding Peercoin’s service it is the possibility of one user successfully getting his or her hands on more than half of all available coins. If that happens, then that individual will be capable of handling all the transactions all by himself. This, however, is a formidable task because acquiring 51 percent of all coins is tougher than acquiring more than half of the energy on the network. Another problem is the stability of the currency’s value. The cryptocurrency’s market cap has fluctuated between 100 000 dollars and less than 20 000 in the past. Peercoin’s value has indeed suffered but as it is the case of all online currencies-it recovers at a steady pace.